Families and businesses will have faster broadband under the Albanese Government with work underway to upgrade the NBN.
The last stage of fibre to the node upgrades will deliver better internet to about 622,000 households and businesses - with work already underway on more than 228,000 of those premises.
The upgrades are backed by an equity injection of up to $3 billion from the Albanese Government, with a contribution of $800 million by NBN Co.
Investing in programs to help Australia become better connected is a priority of the Albanese Government.
Fast, quality and affordable internet is essential for any modern economy and will drive productivity.
Modelling by Accenture suggests the upgrade program will provide a $10.4 billion cumulative uplift in GDP over the next decade, as well as saving individual households more than 100 hours and $2,580 per year in avoided travel time.
More than 95% of these premises will be upgraded to the NBN full fibre network, enabling access to the NBN's fastest upload and download speeds.
This latest work builds on the Albanese Government's previous $2.4 billion investment in fibre to the node upgrades, which are on track to provide access to faster and more reliable broadband for 1.5 million premises across Australia.
The upgrades complement the expansion of the fixed wireless footprint, as well as the Government's recent announcement of the partnership between NBN Co and Amazon's Project Kuiper to deliver faster broadband via Low Earth Orbit satellites.
Quotes attributable to Minister for Finance, Senator Katy Gallagher:
"Labor's investment in faster internet will deliver better outcomes for businesses and help drive productivity growth across the country.
"Together with our recent partnership with Project Kuiper, we are rolling out fast and reliable internet to communities right across Australia in cities and the regions - because we know families and businesses depend on it.
Quotes attributable to Minister for Communications, Anika Wells:
"It is only the Albanese Government that is investing in the NBN to deliver better internet for Australians.
"All Australians deserve access to reliable, fast internet and that's what these upgrades will deliver for more than 600,000 households and businesses across the country.
"This will make a real difference to so many Australians, whether that's through the smoother running of their business, more reliable video calls when working from home or faster streaming when watching the latest Bluey episode with the kids."
